Acelynn borrows $1337 to buy a four-wheeler. The annual interest rate is 4% for the 14-year loan.
How much interest will she pay for the money borrowed?
A $53.48$53.48
B $748.72$748.72
C $534.80$534.80
D $2085.72
$2085.72
Answer: C $534.80$534.80
impatient much?
Once is enough, thank you.
Repeated postings will not get faster or better responses.
To calculate the interest Acelynn will pay for the money borrowed, we can use the formula:
Interest = Principal * Rate * Time
Given:
Principal = $1337
Rate = 4% or 0.04 (decimal form)
Time = 14 years
Substituting these values into the formula, we get:
Interest = $1337 * 0.04 * 14
Calculating this expression, we find:
Interest = $376.56
Therefore, Acelynn will pay $376.56 in interest for the money borrowed.
The correct answer is not provided among the options.
To calculate the interest Acelynn will pay for the money borrowed, we need to use the formula for simple interest:
Interest = Principal x Rate x Time
Here, the principal is the amount borrowed ($1337), the rate is the annual interest rate (4%), and the time is the loan period in years (14 years).
Plugging in the values into the formula, we get:
Interest = $1337 x 0.04 x 14
Simplifying this expression, we have:
Interest = $748.72
Therefore, Acelynn will pay $748.72 in interest for the money borrowed.
So, the correct answer is B. $748.72